Cipher Digital (CIFR) Stock: Falls 15% After Q2 Earnings Miss, Wall Street Maintain Strong Buy Ratings
TLDR
- Cipher Digital stock dropped nearly 15% after reporting weaker-than-expected Q2 revenue and earnings.
- Q2 revenue fell to $24.84 million, missing Wall Street estimates of $32.52 million.
- A $150.5 million non-cash warrant loss widened the company’s quarterly net loss to $268 million.
- Management said Black Pearl’s first phase was delivered early and now generates rental income.
- Wall Street remains bullish, with a Strong Buy consensus and an average $31.80 price target, implying about 56% upside.
Cipher Digital (NASDAQ: CIFR) stock fell nearly 15% after the company reported second-quarter results that missed Wall Street estimates on both revenue and earnings. The decline came even as management reported progress on its high-performance computing data center projects and analysts maintained a Strong Buy consensus with an average 12-month price target of $31.80.
Source: KnockOutStocks
Cipher Digital Misses Q2 Earnings and Revenue Estimates
Cipher Digital reported second-quarter revenue of $24.84 million, down from $35 million in the previous quarter as the company reduced Bitcoin mining activity to support its transition toward high-performance computing infrastructure. Revenue also came in below Wall Street expectations of $32.52 million.
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